US-based chemicals company Clariant has agreed to acquire Chinese healthcare packaging firm VitaPac for an undisclosed amount.
An agreement to this effect was signed between both companies.
The transaction, which is subject to regulatory approvals, is expected to be completed by the end of the fourth quarter of 2014.
The acquisition will enable Clariant to secure an increased market share in key emerging markets, especially in Asia, as well as to capture further sales in other regions. It also complements the portfolio of Clariant's Business Line Medical Specialties within its Business Unit Masterbatches.
Clariant CEO Hariolf Kottmann said: "The acquisition of VitaPac is in line with our strategy to grow profitably by investing in new technologies and new markets.
"It will enable us to enhance Clariant's existing portfolio of packaging solutions with new innovative products from the active packaging area, helping us to further develop our positioning in the medical specialties market."
With a production site in Dongguan, China,VitaPac develops and manufactures a full range of quality protective packaging solutions for the pharmaceutical, neutraceutical and food industries, as well as for the logistics and electronics sectors.
Known for its technology-driven product lines, VitaPac maintains a Drug Master File with the Food and Drug Administration (FDA) in the US. Its products also comply with all pertinent regulations for use in direct contact with food and drugs.